Relationship Between Entrepreneurship And The Economic Development Essay

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This research seeks to establish the relationship between entrepreneurship and the economic development in Saudi Arabia. Entrepreneurship is the process of managing, organizing and developing a business venture in a competitive environment that is dynamic (Kuratko 2016 pp3). An entrepreneur is an inventor, leader, innovator, and pioneer and most significantly, a performer. The heart of a national advantage is often pegged on entrepreneurship. The operation of an enterprise is within the entrepreneurship ecosystems that include governmental services and programs that support startups and operational activities. Non-governmental organizations (NGOs) are also active in mentoring and advising entrepreneurs to ensure that their efforts and goals are achievable. Naude (2010, p.108) articulate that the G20 summit held in 2008 highlighted the importance of entrepreneurship in the world economic development.
Background and Management Problem Entrepreneurship activities support self-employment which in turn has an effect on the growth of productivity (Audretsch, 2007, p.64). A debate on whether nations should adopt the self-employment policy or strike a balance is always contented. Italy tried the self-employment model, and it proved to be inefficient for the development of the economy (Santarelli and Vivarelli, 2007, p.460). Entrepreneurship also plays a role in the early development of industries. It increases productivity through
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